FxWirePro: NZD/USD edges higher but bulls lack punch

• NZD/USD eased on Thursday  as markets focused on the high-stakes U.S.-China meeting.

• Investors closely watching the upcoming U.S.-China meeting where trade and business ties are expected to dominate discussions.

• U.S. President Donald Trump is expected to urge China’s Xi Jinping to help end the Iran war during talks in Beijing, as stalled peace negotiations and rising economic costs fuel global concerns.

• Trump’s China visit comes as the Iran war fuels U.S. inflation and raises concerns that voters could blame Republicans in November’s midterm elections..”

• The Reserve Bank of New Zealand meets on May 27 and markets bet a rate hike is a real risk, which is about 40% priced in. Policymakers warned in April they would act decisively if inflation heats up.

•  Immediate resistance is located at 0.5966(May14th high), any close above will push the pair towards 0.6000(Psychological level).

•  Support is seen at 0.5921(50%fib) and break below could take the pair towards 0.5907(SMA 20).

 Recommendation: Good to buy around 0.5920 with stop loss of 0.5850 and target price of 0.6000